[Federal Register Volume 80, Number 29 (Thursday, February 12, 2015)]
[Notices]
[Pages 7867-7868]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-02891]


-----------------------------------------------------------------------

FEDERAL RESERVE SYSTEM

DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Public Meeting: Proposal by CIT Group, Inc. To Acquire IMB Holdco 
LLC and its Subsidiary, OneWest Bank, National Association, and To 
Merge CIT Bank With and Into OneWest Bank, National Association

AGENCY:  Board of Governors of the Federal Reserve System (Board) and

[[Page 7868]]

Office of the Comptroller of the Currency (OCC).

ACTION: Notice of public meeting.

-----------------------------------------------------------------------

SUMMARY: A public meeting will be held regarding the proposal by CIT 
Group, Inc., Livingston, New Jersey, to acquire IMB Holdco LLC and 
OneWest Bank, National Association, both of Pasadena, California, 
pursuant to the Bank Holding Company Act, the Bank Merger Act, and 
related statutes. The purpose of the meeting is to collect information 
related to factors the Board and OCC (agencies) are required to 
consider under the Bank Holding Company Act and the Bank Merger Act.

DATES: Thursday, February 26, 2015, from 8:00 a.m. to 4:00 p.m. PST.

ADDRESSES: The meeting will be held at the Los Angeles Branch of the 
Federal Reserve Bank of San Francisco, 950 South Grand Avenue, Los 
Angeles, California.

FOR FURTHER INFORMATION CONTACT:
    Board: Scott Turner, Vice President, Federal Reserve Bank of San 
Francisco, (415) 974-2722; Bao Nguyen, Counsel, Legal Division, (202) 
736-5599.
    OCC: Karen Marcotte, Manager, Licensing Activities, (202) 649-7297; 
Beverly L. Evans, Director, Licensing Activities, (202) 649-6353.

SUPPLEMENTARY INFORMATION:

Background and Public Meeting Notice

    On August 21, 2014, CIT Group, Inc., Livingston, New Jersey, and 
Carbon Merger Sub LLC, New York, New York (collectively, CIT Group), 
requested the Board's approval under the Bank Holding Company Act (12 
U.S.C. 1841 et seq.) to acquire IMB Holdco LLC and thereby indirectly 
acquire OneWest Bank, National Association, both of Pasadena, 
California (Holding Company Application). On September 16, 2014, 
OneWest Bank, National Association applied to the OCC to merge CIT 
Group's subsidiary bank, CIT Bank, Salt Lake City, Utah, with and into 
OneWest Bank, National Association, pursuant to section 18(c) of the 
Federal Deposit Insurance Act (12 U.S.C. 1828(c)) (Bank Application). 
The agencies hereby announce that a public meeting on the applications 
will be held in Los Angeles, California, on Thursday, February 26, 
2015, from 8:00 a.m. to 4:00 p.m. PST.

Purpose and Procedures

    The purpose of the public meeting is to collect information 
relating to the convenience and needs of the communities to be served. 
Convenience and needs considerations include a review of the records of 
performance of the insured depository institutions involved in the 
proposal under the Community Reinvestment Act, which requires the 
appropriate federal financial supervisory agency to take into account a 
relevant depository institution's record of meeting the credit needs of 
its entire community, including low- and moderate-income neighborhoods, 
consistent with the safe and sound operation of the institution. 12 
U.S.C. 2903. The agencies also consider other factors in acting on the 
applications, including the effects of the proposal on the stability of 
the U.S. banking or financial system, the financial and managerial 
resources and future prospects of the companies and banks involved in 
the proposal, and competition in the relevant markets. The agencies 
also will be collecting information relating to these factors.
    Testimony at the public meeting will be presented to a panel 
consisting of Presiding Officers and other panel members appointed by 
the Presiding Officers. The Presiding Officers will have the authority 
and discretion to ensure that the meeting proceeds in a fair and 
orderly manner. The rules for taking evidence in an administrative 
proceeding will not apply to this public meeting. Panel members may 
question witnesses, but no cross-examination of witnesses will be 
permitted. The public meeting will be transcribed, and the transcripts 
will be posted on the respective public Web sites of the Board and the 
OCC. Information regarding the procedures for obtaining a copy of the 
transcript will be announced at the public meeting.
    All persons wishing to testify at the public meeting must submit a 
written request no later than 5:00 p.m. PST, February 20, 2015. A 
request to testify may be sent by mail to: Scott Turner, Vice 
President, Community Engagement, Federal Reserve Bank of San Francisco, 
101 Market Street, San Francisco, California 94105; by email to: 
sf.community.development.info@sf.frb.org">sf.community.development.info@sf.frb.org; or by facsimile to: 415-977-
4011. The Board will provide a copy of each request to the OCC.
    The request to testify must include the following information: (i) 
A brief statement of the nature of the expected testimony (including 
whether the testimony will support or oppose the proposed transactions 
or provide other comment on them) and the estimated time required for 
the presentation; (ii) the address and telephone number (email address 
and facsimile number, if available) of the person testifying; and (iii) 
the identification of any special needs, such as translation services, 
physical disabilities requiring assistance, or presentations requiring 
visual aids. Translators will be provided to the extent available if 
noted in the request to testify. Persons interested only in attending 
the meeting, but not testifying, need not submit a written request to 
attend.
    The Presiding Officers will prepare a schedule for persons wishing 
to testify and establish the order of presentation. To ensure an 
opportunity for all interested commenters to present their views, the 
Presiding Officers may limit the time for presentation. Persons not 
listed on the schedule may be permitted to speak at the public meeting, 
if time permits, at the conclusion of the schedule of witnesses in the 
discretion of the Presiding Officers. Copies of testimony may, but need 
not, be filed with the Presiding Officers before a person's 
presentation.
    The Board is extending the comment period on the Holding Company 
Application, and the OCC is extending the comment period on the Bank 
Application, through the close of business on Thursday, February 26, 
2015. The Board will make the public record of the Holding Company 
Application, including all comments received and the transcript of the 
public meeting, available on the Board's public Web site: http://www.federalreserve.gov/bankinforeg/cit-group-onewest-application-materials.htm. The OCC will make the public record of the Bank 
Application, including all comments received and the transcript of the 
public meeting, available on the OCC's public Web site: http://www.occ.gov/topics/licensing/corporate-activities-weekly-bulletin/public-comments-on-applications.html.

    By order of the Board of Governors of the Federal Reserve 
System, February 6, 2015.
Robert deV. Frierson,
Secretary of the Board.
    Dated: February 5, 2015.
Thomas J. Curry,
Comptroller of the Currency.
[FR Doc. 2015-02891 Filed 2-11-15; 8:45 am]
BILLING CODE 6210-01-P